金融控股公司合併之經營績效分析

Abstract

在金融自由化、國際化、大型化的潮流下，我國在民國89年通過「金融機構合併法」，准許銀行、保險與證券三個行業做同業合併。民國90年11月成立的「金融控股公司法」為金融業帶來了跨業經營的基礎，目的是希望鼓勵金融機構透過金融、保險及證券業相互合併的方式來改善現有管理狀況以獲得綜效（Synergy），並使整個金融產業能獲得更大的效率。然而在兩年後的現在，根據財政部資料統計，在目前市場上的14家金融控股公司中，市佔率最高者，僅有8、9%左右，其餘小金控甚至只佔2、3%，沒有一家達到最適規模，似乎唯有藉著購併，才能快速擴大市占率。至於未來金控要如何進一步合併？透過不同特質金控的結合，以強化金控實力；還是藉由相似特質金控合併，以壯大規模，將是本研究將探討的重點。 本研究分二大部份做探討，第一部份先就目前14家金控公司的經營效率做分析，藉由超越對數成本函數推求出各家金控公司及整體金控下的規模經濟效益及範疇經濟效益，並進一步探討各投入要素間的互補替代關係。第二部份則依目前市場上三種不同主體（銀行、保險及證券）金控公司分別探討，當其為存續公司時，在與其他不同主體公司合併時，所可能產生的經營績效，並且所應因應的經營方式。 研究結果發現，當同主體之金控公司合併時，較具規模經濟效果，可以透過業務專業化生產方式，降低成本，增加經營績效。若不同主體之金控公司間相互合併，將使範疇經濟效果較為顯著，也就是透過業務間成本互補效果，達到降低成本，增加經營效率。

To meet the trend of financial liberalization, internationalization as well as the economy-scale, Taiwan government has passed The Merger Law of Financial Institution on 2000. The enforcement of The Law of Financial Holding Company on November 2001 encourages the merger for financial institution in Taiwan. The financial holding companies can run their businesses in different sectors, such as banking, insurance institutes and securities firms to enhance their competitiveness. There are 14 financial holding companies in Taiwan on 2003. The largest financial holding company has the market share of less than 10%, which is not satisfaction in the sense of synergy scale. The financial holding companies are frequently facing optimum decisions on company valuation and merger consideration structure in the merger negotiations. The operating efficiency of the 14 financial holding companies is estimated. Translog Cost Function is applied to calculate each financial holding company and all financial holding companies’ economies of scale, economies of scope and other output characteristics in a multi-output context. There are three major category of financial holding companies according to their emphasized business line, namely, bank, insurance, and securities. We discuss the possible synergy operating performance and operation directions for these financial holding companies according to their emphasised business line. The empirical results show that financial holding companies formed by the same business individual institutions get the effect of enconomy scale. The cost is reduced and the operating efficiency is enhanced due to the expertise. On the other hand, the merger of different business line individual institutions could induce economies of scope. The cost is reduced and the operating efficiency is achieved via cost complementary effect.